Cameco increases reserves at McArthur River project

Recent drilling at the McArthur River joint venture has boosted probable in-situ reserves from 200 million to 260 million lb. of U3O8. The average grade of the deposit has increased from 4% to 5% U3O8.

The joint venture property, 44% owned by operator Cameco (TSE), lies about 45 miles north of Cameco’s Key Lake mine and mill in northern Saskatchewan. Other partners include Uranerz Exploration and Mining (30%), AGIP Resources (10%), Interuranium Canada (9%) and Cogema Canada (7%).

The McArthur River P2 North zone, where the new mineralization was found, has been tested with 44 vertical holes collared 160-330 ft. apart along a 5,500-ft. strike length. The uranium mineralization, hosted by silicified sandstone, is associated with a thrust fault at a depth of 1,650-1,800 ft. Cameco says the schedule of development at McArthur River will depend on a number of factors, including the outcome of hearings conducted by a joint federal-provincial panel formed to review uranium projects in northern Saskatchewan.